"Coming Soon" is no longer there, pump.fun from the bright star now just a "abandoned app"?

From a platform once loved passionately to community abandonment

Pump.fun is not encountering problems for the first time, but this time is completely different. When a major KOL like Mario Nawfal (2.6 million followers) publicly “slapped” this platform, it indicates that the level of dissatisfaction has exceeded the threshold of tolerance. However, instead of listening, pump.fun announced a grant of $10,000 to 6 meme coins within its ecosystem — an action that the community viewed as “adding fuel to the fire.”

Unreasonable silence and question marks

By the way, the official Twitter account of pump.fun and co-founder alon recently experienced a silence lasting more than 10 days — precisely when trading volume reached its peak. At the same time, Mayhem Mode (new update) was also criticized as a tool to “milk” the Solana ecosystem. AI analyst aixbt even stated that: pump.fun has collected $300 million in transaction fees, but the token graduation rate is only 0.7%, with 12,610 tokens created daily but only 98 successful — essentially a “value extractor” from 99.3% of failed tokens.

The “nice-looking” buyback figures but the price $PUMP still betrayed by “the entire market”

As of now, pump.fun has spent nearly 100,000 SOL (equivalent to $188 million) in transaction fees to buy back 12.227% of the total $PUMP supply. But strangely, these continuous large-volume buybacks did not help the token price recover; instead, it continued to decline. The community began to question: if more than 10% of tokens are bought back but the price still drops, what is really happening?

Glass Full Foundation: a market recovery project for meme coins or “a losing playground”?

Last August, when pump.fun faced fierce competition, they launched the Glass Full Foundation with $1.7 million to buy meme coins with good performance. The initial idea sounded very promising, but in reality, this portfolio lost more than $1.37 million. Even $neet - the last surviving meme coin in the portfolio — has fallen below its purchase price. Investors who once trusted pump.fun to revive the meme coin market are now only met with disappointment.

“Coming soon” airdrops that never arrive, Q4 promises turning into “rainy season”

Last July, alon (co-founder) announced that an airdrop would launch “coming soon,” but until now, there’s no sign of it. Even the hope that Q4 would be the “golden quarter” for pump.fun has been completely shattered by harsh reality. Lack of transparent communication, broken promises, and community incentive programs have become a joke — all accumulating into a massive wave of discontent.

The “massive withdrawal crises” and unconvincing responses

When Lookonchain announced that pump.fun had withdrawn at least $436.5 million since October 15, rumors of the “team fleeing” spread quickly. Co-founder Sapijiju later denied everything, claiming it was just transferring funds to another wallet for development purposes. But this explanation clearly failed to convince anyone.

The Padre buyback incident: the “darkest hour” for token holders

Pump.fun announced the repurchase of two products: Kolscan (profit and loss tracking tool) and Padre (trading terminal). But when announcing the Padre buyback, they simultaneously declared that Padre tokens would no longer be usable on the platform and that there were no plans for the future — effectively “destroying” the value for investors holding those tokens.

Conclusion: From “the most profitable application” to “an app forgotten by the community”

The question is not whether pump.fun has run away or not, but why a platform that once attracted hundreds of millions of dollars is gradually losing the community’s trust. Communication about the “coming soon” commitments that never materialized, buybacks that did not increase the price, encouraging the community to become a joke — all have gradually turned pump.fun into “an application that players forget.” If alon now wants the community to say loving words to pump.fun, perhaps that is only a dream.